A quarter of Morocco banks activities made in Africa- central bank governor

Moroccan banks operate in 30 African countries where they generate 23% of their revenue, Moroccan central bank governor Abdellatif Jouahri said while speaking about investments by Moroccan firms in the continent.

Speaking at an event on the Atlantic initiative, launched by King Mohammed VI to bolster regional integration, Jouahri highlighted the monarch’s win-win approach in launching structural projects, such as the Nigeria-Morocco gas pipeline, which is conducive to energy and food security of the region.

He also highlighted the relevance of the Atlantic initiative in offering access to maritime trade to landlocked African countries.

Africa needs to address political stability issues to attract more investments, he said, noting that major Moroccan financial, mining, telecoms, and real estate companies already operate on the continent.

As Africa makes progress with its free trade area, Jouahri said that such an initiative would bolster trade by 15% with the rest of the world as intra-African trade is also expected to grow 53%. This would increase tenfold the African GDP per capita.

Addressing infrastructure gaps requires joint efforts and the mobilization of up to 108 billion dollars annually, said Jouahri, citing African Development Bank estimates.